CBRE Secures $90M Loan For Client Acquisition And Makeover Of Office/R&D Campus
CBRE Capital Markets’ Debt & Structured Finance team has secured a $90M loan from Acore Capital for an entity owned and managed by San Francisco-based Swift Real Estate Partners to acquire and reposition the eight-building HP office/R&D campus on 67.5 acres at 16399 West Bernardo Drive in San Diego’s Rancho Bernardo submarket. Acore Capital is a domestic adviser of debt investments on behalf of a Japanese life insurance company.
CBRE tailored the balance sheet financing with a base term of three years and an ability to extend the loan as long as seven years. The non-recourse financing included capital towards the purchase of the property, and funding for capital improvements to renovate buildings and add amenities, cover tenant improvements and leasing commissions. CBRE structured a flexible prepayment provision that provides Swift the ability to sell off individual buildings or refinance with long-term debt.
“Our team was successful leveraging our relationships and procuring aggressively priced, non-recourse, balance sheet financing,” says CBRE SVP Mike Walker of the San Francisco office. He says the deal was a very competitive financing process, as it attracted multiple investors. "Swift is one of the elite West Coast value-add investors and owners of large office campus real estate,” he says. “They have a long track record of successfully repositioning similar projects in size and scope and are uniquely positioned to shepherd this great project into its next phase.”
Other CBRE team members included EVP Brad Zampa, also of the San Francisco office, and San Diego SVPs Mark McGovern and Scott Peterson.
